Stryker names Spencer Stiles chief executive officer as Kevin Lobo transitions to executive chair

Stryker Corporation (SYK) announced Monday that Chief Executive Officer Kevin Lobo will step down from his post on Dec. 31, 2026, and transition to the role of executive chair of the board of directors effective Jan. 1, 2027.

Spencer Stiles, who currently serves as president and chief operating officer, will succeed Lobo as chief executive officer and join the board of directors on Jan. 1, 2027, according to a regulatory filing.

Lobo has served as CEO since October 2012. During his tenure, annual net sales grew from $8.7 billion in 2012 to more than $26 billion in 2026, and the company completed more than 60 acquisitions, including Mako and Wright Medical.

"Serving as CEO of Stryker has been an incredible honor, and I am proud of all that our teams have accomplished together on behalf of our customers and the patients they serve," Lobo said in a statement.

Stiles has spent nearly three decades at Stryker, joining the endoscopy business in 1999 and holding leadership roles across orthopaedics, MedSurg, and neurotechnology. He has served as president and chief operating officer since January 2026.

"I am honored to be named Stryker’s next CEO and grateful to the Board and Kevin for their trust in me," Stiles said in a statement.

Under his new agreement, Stiles will receive an annual base salary of $1,320,000 and an annual bonus target of 150% of his base salary, effective Jan. 1, 2027. In February 2027, he will be recommended for a target stock award valued at $14,200,000, consisting of 60% performance stock units and 40% stock options.

Lobo's annual base salary will remain $1,550,000, and his bonus target will remain $2,325,000, though he will not receive new stock awards while serving as executive chair. The board of directors increased its size from 10 to 11 members to accommodate Stiles.